Money Savvy Bank
A new spin on the traditional “piggy” bank splits the Money Savvy Generation banks into four different sections: save, spend, donate and invest. The banks allow kids to begin their personal finance education at a young age by learning the different and important roles of money. Each bank comes with a guide for expanded financial education.
- Long term cause and effect and is learned as children see that every penny put into the Money Savvy Bank is one that adds up to the larger sum going towards saving, spending, donating or investing.
- The bank is capable of teaching kids the symbolic value of money, letting them start to think about how much things cost and how money can be exchanged for various goods and services.
- Children can engage intellectual curiosity by inquiring about charities that help people in their family, neighbors, or friends.
- The Money Savvy Bank is an introduction to early math lessons in topics such as addition, subtraction, and decimals.
- Caregiver can take the child to the bank and let them open up a bank account. This is a great way to teach kids about banking practices and how to save money.
- Caregivers can show children the importance of giving by matching donations kids save in the donating bank to the charity of their choice.
- Caregiver can help the child create a budget sheet to track the dollar amounts saved, spent, donated and invested to keep running totals.
- Does 100₵ equal $1? Take out the money and use the different denominations for a fun, mathematical matching game.
- The Money Savvy Bank acts as a physical prompt to engage children in conversations about money, its different roles and what they want to do with it.
- Specific vocabulary is increased as you talk with children about financial concepts such as loans, down payments, and anything else they want to know about personal finance.
- Ask children about what charity they want to donate to or what item they are saving for. The Money Savvy Bank provides children the opportunity to share and learn about different charities and how they help people in need.
- Have children write or tell a story about why they are saving money or donating it to a specific charity.
- Why does the pig love helping children save money? Allow children’s imagination to run wild as the pig or cow themed bank comes to life as their financial friend.
- The donate slot on the Money Savvy Bank teaches children about the importance of charity and empathy for others who might not have the same opportunities as them.
- Personal finance is an important life skill that can help children make informed decisions as they grow up, helping them save and spend wisely.
- The Money Savvy Bank can teach children about delayed gratification as children see that money saved up pays off when they reach their goals.
- With four different slots to choose from on the Money Savvy Bank, children can begin to think about prioritizing as they choose where the money needs to go at that time.
- Use the real money saved in the piggy bank to play in games such as monopoly, use as BINGO chips or with pretend play cash registers.
- Prompt children to tell a social story about the steps it takes to go to the bank and make a deposit to reiterate the process. Don’t forget to use manners when interacting with the bank staff!